2014-07-18T10:34:36-05:00 2013-12-31 WOLF & COMPANY PC 99 HIGH STREET 21ST FLOOR BOSTON MA 02110 990 2013-01-01 042628271 MASSACHUSETTS BANKERS ASSOCIATION GROUP INSURANCE TRUST % FRANCESCA BERTOLIN0 MASS 6175237595 One Washington Mall 8th Floor Suite BOSTON MA 021082603 Francesca Bertolino VP of Finance 6175237595 2014-07-16 true Anthony T Carideo JR CPA 6174399700 2014-07-09 2013 2015-11-30 17:44:51Z 1385276 false X N/A X 1953 MA THE TRUST IS OPERATED FOR THE PURPOSE of PROVIDING VARIOUS TYPES OF INSURANCE TO MEMBER BANKS' EMPLOYEES AT COSTS WHICH ARE LESS THAN THOSE OBTAINABLE ON AN INDIVIDUAL BANK BASIS 9 9 0 12 1811 811 0 0 45638 48034 2528 1811 12260 1335431 60426 1385276 0 0 0 0 0 0 0 0 0 56913 223737 56913 223737 3513 1161539 465960 1634887 29379 36767 436581 1598120 X THE TRUST IS OPERATED FOR THE PURPOSE OF PROVIDING VARIOUS TYPES OF INSURANCE TO MEMBER BANKS' EMPLOYEES AT COSTS WHICH ARE LESS THAN THOSE OBTAINABLE ON AN INDIVIDUAL BANK BASIS. false false 43232 PROVIDE INSURANCE COVERAGE TO MEMBER BANKS' EMPLOYEES 43232 false false false false false false false false false false false false true true true true false false false false false false false false false false false false false false false false false false true false false false false false false false false true 0 0 false 0 true true false false false false false X 9 9 false false false false false false false true true false false true true true true true true false false false X FRANCESCA BERTOLIN0 6175237595 ONE WASHINGTON MALL 8TH FLOOR Boston MA 021082603 John Fanciullo trustee 1.0 X 0 0 0 DANIEL J FORTE clerk 1.0 X 0 0 0 Kenneth R Bordewieck TRUSTEE 1.0 X 0 0 0 Kristin Carvalho TRUSTEE 1.0 X 0 0 0 Maria C McCoy Trustee 1.0 X 0 0 0 Mark R O'Connell Chairman 1.0 X 0 0 0 Francis X Maloney TRUSTEE 1.0 X 0 0 0 John Korona trustee 1.0 X 0 0 0 Francesca G Bertolino VP fin & group insurance trust 1.0 X 0 0 0 Kevin F Kiley Chief Operating Officer 1.0 X 0 0 0 Robert E Messing Dir of Admin - group inc svcs 1.0 X 0 0 0 0 0 0 0 false false false goodwin proctor 53 state street BOSTON MA 02109 legal services 114020 1 0 PREMIUM INCOME 524298 48034 48034 48034 1811 1811 0 0 0 0 0 0 0 0 0 OTHER INCOME 900099 1157 1157 RETROSPECTIVE SETTLEMENT 900099 982274 982274 RISK SHARING ARRANGEMENT 900099 352000 352000 1335431 1385276 1383465 1811 0 0 0 0 0 0 0 0 0 0 0 159766 159766 10930 10930 0 0 0 0 0 6 6 0 0 0 1 1 0 0 0 0 0 0 PREMIUM EXPENSES 43232 43232 ADMINISTRATIVE FEES 4802 4802 CONSULTING FEES 5000 5000 223737 43232 180505 0 364618 98194 100000 200000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1342 1336693 465960 1634887 0 9140 0 0 27322 23138 0 0 0 0 0 0 0 0 0 0 2057 4489 29379 36767 X 436581 1598120 0 0 0 0 436581 1598120 465960 1634887 1161539 X false true X true false ACCRUED INTEREST RECEIVABLE 662 INCOME TAX RECEIVABLE 800 DUE FROM AFFILIATE 957 RETROSPECTIVE SETTLEMENT 982274 RISK SHARING RECEIVABLE 352000 1336693 0 DUE TO MASS BANKERS ASSOCIATION 4489 4489 X 1385076 1385076 200 200 1385276 223537 -200 -200 223737 223737 Schedule D, Part x, line 2 The Trust obtained its latest determination letter on February 16, 1977, in which the Internal Revenue Service stated that the Trust, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code. The Trust was most recently amended effective January 1, 2014 as indicated in Note 1 to the financial statements. Although the Trust has been amended since receiving the determination letter, the Plan Administrator and the Trusts tax counsel believe that the Trust is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code and therefore believe that the Trust is tax-exempt. The Trust is a tax exempt organization as described in Section 501(c)(9) of the Internal Revenue Code, and is generally exempt from federal taxes pursuant to Section 501(a) of the Code. However, the Trust is subject to Federal and Massachusetts income tax on unrelated taxable income generated from investments and realized capital gains. Tax positions taken or expected to be taken in the course of preparing the Trusts tax returns, including the position that the Trust qualifies as a tax exempt organization, are required to be evaluated to determine whether the tax positions are "more-likely-than-not" to be upheld under regulatory review. The Trust does not have any uncertain tax positions at December 31, 2013 and 2012 which require disclosure or accrual. The Trust is currently open to audit under applicable statutes of limitation by federal and state tax authorities for the years ended December 31, 2010 through 2013. The provision for income taxes consists of the following: 2013 2012 ------- ------- Federal $ (300) $ 366 State 100 134 ------- ------- Total $ (200) $ 500 ======= ======= Schedule D, Part XI, Line 4b and Part XII, Line 2d Reclasee $200 tax refund from expense to revenue. Schedule L The trustees are key executives in the member institutions and are involved in the decision to contract the GIT to provide health & dental coverage to the member institution's employees. The executives are covered for health & dental through their employer. The trustees do not receive any compensation for their service to the GIT. Form 990, Page 6, Part VI, Section B, Line 11 The Form 990 will be distributed to the audit committee for review prior to filing with the IRS. All Financial Statements including tax filings are reviewed by the audit committee and the board annually. Form 990, page 6, Part VI, Section B, Line 12 The conflict of interest policy is reviewed and approved annually by the board and monitored/enforced as outlined by the policy should issues arise. Form 990, Page 6, Part VI, Section B, Line 15 The MBA Group Insurance Trust has no employees. Form 990, Page 6, Part VI, Section C, Line 19 the governing documents, financial statements and conflict of interest policy are available to the general public upon request.